Lagawe Multi-purpose Development Cooperative (LMDC)
First is “SAVE”: This means to preserve for future use; to treat or use carefully in order to preserve or simply to keep. You have to keep this in mind; “saving is not the opposite of spending, it is simply keeping your money to spend in the future”.
Second is “INVEST”: This means to put money into business, real estate, stocks, bonds, etc. for the purpose of earning an income or profit. Saving is NOT ENOUGH; you have to make your money grow by investing it properly.
Third is “INSURE”: This means to contract to be paid money in case of accidents, loss of life or property, etc. When these realities come, your INSURANCE will give your loved ones the money they need. Another very important under this concept of “INSURE” is the establishing of an EMERGENCY FUND.
Knowing therefore how to “SAVE, INVEST, & INSURE” is a must to be financially successful however, you have to start knowing to SAVE first.